U.S. Manufacturing Up in October
CBJ — Despite the global pandemic dragging on for more than half a year, American manufacturing made gains in October, with new orders reaching the highest levels since 1993.
However, the increase in manufacturing activity may well be overstating the actual health of the overall manufacturing sector. A report from the Federal Reserve last month showed output at factories dropping 0.3% in September and remaining 6.4% below its pre-pandemic level.
Many manufacturers and suppliers continue to operate with reconfigured setups as a means of being as efficient as possible.
According to figures released by the U.S. Commerce Department, growth is expected to subside noticeably in the fourth quarter after a historic 33% annualized rate of expansion in the July-September period.